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Purchase Rate Assumptions and APR Information

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Interest Rate (may increase after closing) %
APR %
Loan Amount
Down Payment 0.0%
Term
Time Initial Rate and Payment is in effect
Maximum Lifetime Caps Over/Under Original Rate %
Initial Monthly Principal & Interest Payment
(Excludes taxes and hazard insurance; total payment will be higher)
First Adjusted Interest Rate (Months 1 - 12) %
First Adjusted Payment (Months 1 - 12)
(Excludes taxes and hazard insurance; total payment will be higher)
Fully Indexed Interest Rate (Months 13 - ) %
Fully Indexed Payment (Months 13 - )
(Excludes taxes and hazard insurance; total payment will be higher)
$0.00
Closing Costs (includes the cost for required discount points)
Upfront Mortgage Insurance Premium n/a
Rates, terms, and fees as of 12/12/2018 12:45 AM Eastern Standard Time and subject to change without notice.

The following table illustrates the minimum and maximum payments over the life of this loan example.

Projected Payments

Payment Calculation
Principal & Interest
Mortgage Insurance
Estimated Total Monthly Payment

(Excludes taxes and hazard insurance; total payment will be higher)

Important disclosures, assumptions and APR Information


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Fully Indexed Payment 
The amount of the principal and interest payment calculated when using the fully indexed rate.

Fully Indexed Interest Rate

The fully indexed interest rate is equal to the margin plus the index (an economic indicator used to determine changes in the interest rate).

First Adjusted Payment
After the end of the initial fixed-rate period, the first adjusted payment reflects the new principal and interest payment that's due each month on an adjustable-rate mortgage. Interest rate adjustments may significantly increase or decrease the payment amount due.

First Adjusted Interest Rate
Estimate of the new interest rate on an adjustable-rate loan when it first adjusts after the fixed-rate period. Future rates can't be predicted, so it's estimated by adding the current index rate to the margin (subject to first adjustment cap).

Jumbo

A loan that exceeds Fannie Mae's and Freddie Mac's loan limits. Also called a non-conforming loan.

Larger Loan Amounts in Eligible Areas

In federally designated metropolitan areas, conventional and FHA loan limits have been increased to assist homebuyers.

Government
A loan that is either backed by the Federal Housing Administration (FHA) or a VA loan for eligible service members and veterans.

Conventional Conforming Mortgage
Conventional home mortgages eligible for sale and delivery to either the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC). 

Annual Percentage Rate (APR)
The cost to borrow money expressed as a yearly percentage. For mortgage loans, excluding home equity lines of credit, it includes the interest rate plus other charges or fees. For home equity lines, the APR is just the interest rate.
Interest Rate
The cost a customer pays to a lender for borrowing funds over a period of time expressed as a percentage rate of the loan amount.